Gold Price Forecast: XAU/USD at risk of falling to $1,700 – ANZ
|The failure to hold above $1,800 could renew downward pressure in XAU/USD. If gold price slips below $1,770, support may not be found until $1,700, analysts at ANZ Bank report.
Gold could come under increasing pressure
“The candlestick formation on Wednesday showed a bearish signal, as the price opened and closed near the day’s low. Prices are near the 50-day moving average. Settling below that would suggest that the price could again fall to the $1,750 range.”
“Should prices fall in the downward channel, the market could come under increasing pressure. A print back in the range of downtrend could see the price heading below $1,700.”
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